Bitcoin Price Soars Above $5000 to Record High

Bitcoin Price Soars Above $5000 to Record High

After the beginning of 2017, Bitcoin has had a daily trade volume of more than $100 million.

The last time bitcoin hit that mark, traders initiated a minor sell-off that evolved into a major downturn when China began prohibiting initial coin offerings (ICOs) and cryptocurrency trading just days later.

Bitcoin has an intraday high of $5280 and ended yesterday at $5226.

But the main factor could simply be demand from investors wanting "in" on a market that has provided gains exceeding those of any other currency in every year bar one since 2010.

"The interest really stems from the media hype", he added.

The bitcoin price went meteoric on Thursday, surging past $5,400 to shatter the all-time high it set at the beginning of September.

Bitcoin, a virtual currency created from computer code, was worth only a few U.S. cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto.

Interestingly, not all cryptocurrencies are following bitcoin's lead today, which usually happens when the incumbent cryptocurrency experiences price fluctuations. In fact, Russia's central bank said they are considering banning cryptocurrency trading websites.

Russian Federation becomes the third major economy in the span of a month to put the clamps on cryptocurrency.

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